The Mail Tribune has this update from southern Oregon. "Just about everything turned out as builder Jim Green had anticipated in his first two attempts at selling high-end speculation houses in Ashland, the second selling even before the roof was on. But that was October 2004."

"Today, Green's third house, a 3,645-square-foot structure originally priced at $1.15 million early this year, is still on the block with a current price tag of $979,000. 'It's fairly obvious there are more properties than there have been in the past and that's adding to the length of time on the market,' Green said."

"He wonders why there are so many more houses on the market compared to recent years and if the percentage of speculation homes is higher than usual. 'Then you wonder,' Green said, 'how many people went in short-term for a quick buck?'"

"Even among more modest-priced housing, it's taking more to induce sales. John and Jani Lockwood put their 1,351-square-foot home on the market last December with a $399,000 sticker price. They slashed the asking price to $359,000, hoping to hasten their move to Medford. But with 281 houses available through the MLS, the waiting game has gotten longer."

"'The market is glutted I'm afraid,' said John Lockwood, a 13-year Ashland resident. 'People are having to adjust out of last year into this year. Things got over-inflated and when the audience left everything was overpriced.'"

"Lockwood theorizes that even though the median price has climbed, the underlying market may be in retreat. 'Probably 10 percent,' Lockwood estimated."

"The inventory of available houses throughout the county surpassed the 2,000 mark and is 180 percent ahead of where it was a year ago. East Medford saw a 32.9 percent decline in activity. Central Point had its biggest sales month since last September, but still trailed July 2005 sales by 27.1 percent. Eagle Point's activity was barely half what it was in 2005."